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20 U.S.C. § 1087cc — Agreements with institutions of higher education

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20 U.S.C. § 1087cc — Agreements with institutions of higher education

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Source file: Laws/federal/codes/united-states-code/title-20/section-1087cc-agreements-with-institutions-of-higher-education--f1e628bcc5.md
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Source location: Title 20, Chapter 28, § 1087cc; chapter-028-higher-education-resources-and-student-assistance.md

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**(a) Contents of agreements** An agreement with any institution of higher education for the payment of Federal capital contributions under this part shall— (1) provide for the establishment and maintenance of a student loan fund for the purpose of this part; (2) provide for the deposit in such fund of— (A) Federal capital contributions from funds appropriated under [section 1087aa of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087aa&num=0&edition=prelim); (B) a capital contribution by an institution in an amount equal to one-third of the Federal capital contributions described in subparagraph (A); (C) collections of principal and interest on student loans made from deposited funds; (D) charges collected pursuant to regulations under [section 1087dd(c)(1)(H) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087dd/c/1/H&num=0&edition=prelim); and (E) any other earnings of the funds; (3) provide that such student loan fund shall be used only for— (A) loans to students, in accordance with the provisions of this part; (B) administrative expenses, as provided in subsection (b); (C) capital distributions, as provided in [section 1087ff of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087ff&num=0&edition=prelim); and (D) costs of litigation, and other collection costs agreed to by the Secretary in connection with the collection of a loan from the fund (and interest thereon) or a charge assessed pursuant to regulations under [section 1087dd(c)(1)(H) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087dd/c/1/H&num=0&edition=prelim); (4) provide that where a note or written agreement evidencing a loan has been in default despite due diligence on the part of the institution in attempting collection thereon— (A) if the institution has knowingly failed to maintain an acceptable collection record with respect to such loan, as determined by the Secretary in accordance with criteria established by regulation, the Secretary may— (i) require the institution to assign such note or agreement to the Secretary, without recompense; and (ii) apportion any sums collected on such a loan, less an amount not to exceed 30 percent of any sums collected to cover the Secretary’s collection costs, among other institutions in accordance with [section 1087bb of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087bb&num=0&edition=prelim); or (B) if the institution is not one described in subparagraph (A), the Secretary may allow such institution to refer such note or agreement to the Secretary, without recompense, except that, once every six months, any sums collected on such a loan (less an amount not to exceed 30 percent of any such sums collected to cover the Secretary’s collection costs) shall be repaid to such institution and treated as an additional capital contribution under [section 1087bb of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087bb&num=0&edition=prelim); (5) provide that, if an institution of higher education determines not to service and collect student loans made available from funds under this part, the institution will assign, at the beginning of the repayment period, notes or evidence of obligations of student loans made from such funds to the Secretary and the Secretary shall apportion any sums collected on such notes or obligations (less an amount not to exceed 30 percent of any such sums collected to cover that Secretary’s collection costs) among other institutions in accordance with [section 1087bb of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087bb&num=0&edition=prelim); (6) provide that, notwithstanding any other provision of law, the Secretary will provide to the institution any information with respect to the names and addresses of borrowers or other relevant information which is available to the Secretary, from whatever source such information may be derived; (7) provide assurances that the institution will comply with the provisions of [section 1087cc–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087cc-1&num=0&edition=prelim); (8) provide that the institution of higher education will make loans first to students with exceptional need; and (9) include such other reasonable provisions as may be necessary to protect the United States from unreasonable risk of loss and as are agreed to by the Secretary and the institution, except that nothing in this paragraph shall be construed to permit the Secretary to require the assignment of loans to the Secretary other than as is provided for in paragraphs (4) and (5). **(b) Administrative expenses** An institution which has entered into an agreement under subsection (a) shall be entitled, for each fiscal year during which it makes student loans from a student loan fund established under such agreement, to a payment in lieu of reimbursement for its expenses in administering its student loan program under this part during such year. Such payment shall be made in accordance with [section 1096 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1096&num=0&edition=prelim). **(c) Cooperative agreements with consumer reporting agencies** (1) For the purpose of promoting responsible repayment of loans made pursuant to this part, the Secretary and each institution of higher education participating in the program under this part shall enter into cooperative agreements with consumer reporting agencies to provide for the exchange of information concerning student borrowers concerning whom the Secretary has received a referral pursuant to [section 1087gg of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087gg&num=0&edition=prelim) and regarding loans held by the Secretary or an institution. (2) Each cooperative agreement made pursuant to paragraph (1) shall be made in accordance with the requirements of [section 1080a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1080a&num=0&edition=prelim) except that such agreement shall provide for the disclosure by the Secretary or an institution, as the case may be, to such consumer reporting agencies, with respect to any loan held by the Secretary or the institution, respectively, of— (A) the date of disbursement and the amount of such loans made to any borrower under this part at the time of disbursement of the loan; (B) information concerning the repayment and collection of any such loan, including information concerning the status of such loan; and (C) the date of cancellation of the note upon completion of repayment by the borrower of any such loan, or upon cancellation or discharge of the borrower’s obligation on the loan for any reason. (3) Notwithstanding paragraphs (4) and (5) of subsection (a) of [section 1681c of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681c&num=0&edition=prelim), a consumer reporting agency may make a report containing information received from the Secretary or an institution regarding the status of a borrower’s account on a loan made under this part until the loan is paid in full. (4) (A) Except as provided in subparagraph (B), an institution of higher education, after consultation with the Secretary and pursuant to the agreements entered into under paragraph (1), shall disclose at least annually to any consumer reporting agency with which the Secretary has such an agreement the information set forth in paragraph (2), and shall disclose promptly to such consumer reporting agency any changes to the information previously disclosed. (B) The Secretary may promulgate regulations establishing criteria under which an institution of higher education may cease reporting the information described in paragraph (2) before a loan is paid in full. (5) Each institution of higher education shall notify the appropriate consumer reporting agencies whenever a borrower of a loan that is made and held by the institution and that is in default makes 6 consecutive monthly payments on such loan, for the purpose of encouraging such consumer reporting agencies to update the status of information maintained with respect to that borrower. **(d) Limitation on use of interest bearing accounts** In carrying out the provisions of subsection (a)(9), the Secretary may not require that any collection agency, collection attorney, or loan servicer collecting loans made under this part deposit amounts collected on such loans in interest bearing accounts, unless such agency, attorney, or servicer holds such amounts for more than 45 days. **(e) Special due diligence rule** In carrying out the provisions of subsection (a)(5) 11 See References in Text note below. relating to due diligence, the Secretary shall make every effort to ensure that institutions of higher education may use Internal Revenue Service skip-tracing collection procedures on loans made under this part.

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Federal law — U.S. Code and appendices · legal_authorities

20 U.S.C. § 1087bb — Allocation of funds

**(a) Allocation based on previous allocation** (1) From the amount appropriated pursuant to section 1087aa(b) 11 See References in Text note below. of this title for each fiscal year, the Secretary shall first allocate to each eligible institution an amount equal to— (A) 100 percent of the amount received under subsections (a) and (b) of this section for fiscal year 1999 (as such subsections were in effect with respect to allocations for such fiscal year), multiplied by (B) the institution’s default penalty, as determined under subsection (e), (2) (A) From the amount so appropriated, the Secretary shall next allocate to each eligible institution that began participation in the program under this part after fiscal year 1999 but is not a first or second time participant, an amount equal to the greater of— (i) $5,000; or (ii) 100 percent of the amount received and expended under this part for the first year it participated in the program. (B) From the amount so appropriated, the Secretary shall next allocate to each eligible institution that began participation in the program under this part after fiscal year 1999 and is a first or second time participant, an amount equal to the greatest of— (i) $5,000; (ii) an amount equal to (I) 90 percent of the amount received and used under this part in the second preceding fiscal year by eligible institutions offering comparable programs of instruction, divided by (II) the number of students enrolled at such comparable institutions in such fiscal year, multiplied by (III) the number of students enrolled at the applicant institution in such fiscal year; or (iii) 90 percent of the institution’s allocation under this part for the preceding fiscal year. (C) Notwithstanding subparagraphs (A) and

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20 U.S.C. § 1087gg — Collection of defaulted loans: Perkins Loan Revolving Fund

**(a) Authority of Secretary to collect referred, transferred, or assigned loans** With respect to any loan— (1) which was made under this part, and (2) which is referred, transferred, or assigned to the Secretary by an institution with an agreement under [section 1087cc(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087cc/a&num=0&edition=prelim), the Secretary is authorized to attempt to collect such loan by any means authorized by law for collecting claims of the United States (including referral to the Attorney General for litigation) and under such terms and conditions as the Secretary may prescribe, including reimbursement for expenses reasonably incurred in attempting such collection. **(b) Collection of referred, transferred, or assigned loans** The Secretary shall continue to attempt to collect any loan referred, transferred, or assigned under paragraph (4) or (5) of [section 1087cc(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087cc/a&num=0&edition=prelim) until all appropriate collection efforts, as determined by the Secretary, have been expended.

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20 U.S.C. § 1087dd — Terms of loans

**(a) Terms and conditions** (1) Loans from any student loan fund established pursuant to an agreement under [section 1087cc of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087cc&num=0&edition=prelim) to any student by any institution shall, subject to such conditions, limitations, and requirements as the Secretary shall prescribe by regulation, be made on such terms and conditions as the institution may determine. (2) (A) Except as provided in paragraph (4), the total of loans made to a student in any academic year or its equivalent by an institution of higher education from a loan fund established pursuant to an agreement under this part shall not exceed— (i) $5,500, in the case of a student who has not successfully completed a program of undergraduate education; or (ii) $8,000, in the case of a graduate or professional student (as defined in regulations issued by the Secretary). (B) Except as provided in paragraph (4), the aggregate unpaid principal amount for all loans made to a student by institutions of higher education from loan funds established pursuant to agreements under this part may not exceed— (i) $60,000, in the case of any graduate or professional student (as defined by regulations issued by the Secretary, and including any loans from such funds made to such person before such person became a graduate or professional student); (ii) $27,500, in the case of a student who has successfully completed 2 years of a program of education leading to a bachelor’s degree but who has not completed the work necessary for such a degree (determined under regulations issued by the Secretary), and including any loans from such funds made to such person before such person became such a student; and

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20 U.S.C. § 1001 — General definition of institution of higher education

**(a) Institution of higher education** For purposes of this chapter, other than subchapter IV, the term “institution of higher education” means an educational institution in any State that— (1) admits as regular students only persons having a certificate of graduation from a school providing secondary education, or the recognized equivalent of such a certificate, or persons who meet the requirements of [section 1091(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1091/d&num=0&edition=prelim); (2) is legally authorized within such State to provide a program of education beyond secondary education; (3) provides an educational program for which the institution awards a bachelor’s degree or provides not less than a 2-year program that is acceptable for full credit toward such a degree, or awards a degree that is acceptable for admission to a graduate or professional degree program, subject to review and approval by the Secretary; (4) is a public or other nonprofit institution; and (5) is accredited by a nationally recognized accrediting agency or association, or if not so accredited, is an institution that has been granted preaccreditation status by such an agency or association that has been recognized by the Secretary for the granting of preaccreditation status, and the Secretary has determined that there is satisfactory assurance that the institution will meet the accreditation standards of such an agency or association within a reasonable time. **(b) Additional institutions included** For purposes of this chapter, other than subchapter IV, the term “institution of higher education” also includes— (1) any school that provides not less than a 1-year program of training to prepare students for gainful employment in a re

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20 U.S.C. § 1087aa — Appropriations authorized

**(a) Program authority** The Secretary shall carry out a program assisting in the maintenance of funds at institutions of higher education for the making of loans to undergraduate students in need to pursue their courses of study in such institutions or while engaged in programs of study abroad approved for credit by such institutions. Loans made under this part shall be known as “Federal Perkins Loans”. **(b) Authority to make loans** (1) **In general** (A) *Loans for new undergraduate Federal Perkins Loan borrowers* — Through September 30, 2017, an institution of higher education may make a loan under this part to an eligible undergraduate student who, on the date of disbursement of a loan made under this part, has no outstanding balance of principal or interest on a loan made under this part from the student loan fund established under this part by the institution, but only if the institution has awarded all Federal Direct Loans, as referenced under subparagraphs (A) and (D) of [section 1087e(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087e/a/2&num=0&edition=prelim), for which such undergraduate student is eligible. (B) *Loans for current undergraduate Federal Perkins Loan borrowers* — Through September 30, 2017, an institution of higher education may make a loan under this part to an eligible undergraduate student who, on the date of disbursement of a loan made under this part, has an outstanding balance of principal or interest on a loan made under this part from the student loan fund established under this part by the institution, but only if the institution has awarded all Federal Direct Stafford Loans as referenced under [section 1087e(a)(2)(A) of this title](https://uscode.house.gov/view.xhtml?req=g

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20 U.S.C. § 1096 — Administrative expenses

**(a) Amount of payments** From the sums appropriated for any fiscal year for the purpose of the program authorized under subpart 1 of part A of this subchapter, the Secretary shall reserve such sums as may be necessary to pay to each institution with which he has an agreement under [section 1094 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1094&num=0&edition=prelim), an amount equal to $5 for each student at that institution who receives assistance under subpart 1 of part A. In addition, an institution which has entered into an agreement with the Secretary under subpart 3 of part A or part C,11 So in original. of this subchapter or under part E of this subchapter shall be entitled for each fiscal year which such institution disburses funds to eligible students under any such part to a payment for the purpose set forth in subsection (b). The payment for a fiscal year shall be payable from each such allotment by payment in accordance with regulations of the Secretary and shall be equal to 5 percent of the institution’s first $2,750,000 of expenditures plus 4 percent of the institution’s expenditures greater than $2,750,000 and less than $5,500,000, plus 3 percent of the institution’s expenditures in excess of $5,500,000 during the fiscal year from the sum of its grants to students under subpart 3 of part A, its expenditures during such fiscal year under part C for compensation of students, and the principal amount of loans made during such fiscal year from its student loan fund established under part E, excluding the principal amount of any such loans which the institution has referred under [section 1087cc(a)(4)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087cc/a/4/B&num=0&e

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20 U.S.C. § 1051 — Authorization of appropriations

**(a) Authorizations** (1) **Part A** (A) There are authorized to be appropriated to carry out part A (other than sections 1059c through 1059g of this title), $135,000,000 for fiscal year 2009, and such sums as may be necessary for each of the five succeeding fiscal years. (B) There are authorized to be appropriated to carry out [section 1059c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1059c&num=0&edition=prelim), $30,000,000 for fiscal year 2009, and such sums as may be necessary for each of the five succeeding fiscal years. (C) There are authorized to be appropriated to carry out [section 1059d of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1059d&num=0&edition=prelim), $15,000,000 for fiscal year 2009, and such sums as may be necessary for each of the five succeeding fiscal years. (D) There are authorized to be appropriated to carry out [section 1059e of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1059e&num=0&edition=prelim), $75,000,000 for fiscal year 2009 and each of the five succeeding fiscal years. (E) There are authorized to be appropriated to carry out [section 1059f of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1059f&num=0&edition=prelim), $25,000,000 for fiscal year 2009, and such sums as may be necessary for each of the five succeeding fiscal years. (F) There are authorized to be appropriated to carry out [section 1059g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1059g&num=0&edition=prelim), $30,000,000 for fiscal year 2009, and such sums as may be necessary for each of the five succeeding fiscal years. (2) **Part

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20 U.S.C. § 1080a — Reports to consumer reporting agencies and institutions of higher education

**(a) Agreements to exchange information** For the purpose of promoting responsible repayment of loans covered by Federal loan insurance pursuant to this part or covered by a guaranty agreement pursuant to [section 1078 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078&num=0&edition=prelim), the Secretary and each guaranty agency, eligible lender, and subsequent holder shall enter into an agreement with each consumer reporting agency to exchange information concerning student borrowers, in accordance with the requirements of this section. For the purpose of assisting such consumer reporting agencies in complying with the Fair Credit Reporting Act [[15 U.S.C. 1681](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681&num=0&edition=prelim) et seq.], such agreements may provide for timely response by the Secretary (concerning loans covered by Federal loan insurance) or by a guaranty agency, eligible lender, or subsequent holder (concerning loans covered by a guaranty agreement), or to requests from such consumer reporting agencies for responses to objections raised by borrowers. Subject to the requirements of subsection (c), such agreements shall require the Secretary or the guaranty agency, eligible lender, or subsequent holder, as appropriate, to disclose to such consumer reporting agencies, with respect to any loan under this part that has not been repaid by the borrower— (1) that the loan is an education loan (as such term is defined in [section 1019 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1019&num=0&edition=prelim)); (2) the total amount of loans made to any borrower under this part and the remaining balance of the loans; (3) information conc

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15 U.S.C. § 1681c — Requirements relating to information contained in consumer reports

**(a) Information excluded from consumer reports** Except as authorized under subsection (b), no consumer reporting agency may make any consumer report containing any of the following items of information: (1) Cases under title 11 or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years. (2) Civil suits, civil judgments, and records of arrest that, from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period. (3) Paid tax liens which, from date of payment, antedate the report by more than seven years. (4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years. (5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years. (6) The name, address, and telephone number of any medical information furnisher that has notified the agency of its status, unless— (A) such name, address, and telephone number are restricted or reported using codes that do not identify, or provide information sufficient to infer, the specific provider or the nature of such services, products, or devices to a person other than the consumer; or (B) the report is being provided to an insurance company for a purpose relating to engaging in the business of insurance other than property and casualty insurance. (7) With respect to a consumer reporting agency described in [section 1681a(p) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681a/p&num=0&edition=prelim), any information related to a veteran’s medical deb

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20 U.S.C. § 1087ff — Distribution of assets from student loan funds

**(a) In general** Beginning October 1, 2017, there shall be a capital distribution of the balance of the student loan fund established under this part by each institution of higher education as follows: (1) The Secretary shall first be paid an amount which bears the same ratio to the balance in such fund at the close of September 30, 2017, as the total amount of the Federal capital contributions to such fund by the Secretary under this part bears to the sum of such Federal contributions and the institution’s capital contributions to such fund. (2) The remainder of such balance shall be paid to the institution. **(b) Distribution of late collections** Beginning October 1, 2017, each institution with which the Secretary has made an agreement under this part, shall pay to the Secretary the same proportionate share of amounts received by this institution after September 30, 2017, in payment of principal and interest on student loans made from the student loan fund established pursuant to such agreement (which amount shall be determined after deduction of any costs of litigation incurred in collection of the principal or interest on loans from the fund and not already reimbursed from the fund or from such payments of principal or interest), as was determined for the Secretary under subsection (a). **(c) Distribution of excess capital** (1) Upon a finding by the institution or the Secretary prior to October 1, 2017, that the liquid assets of a student loan fund established pursuant to an agreement under this part exceed the amount required for loans or otherwise in the foreseeable future, and upon notice to such institution or to the Secretary, as the case may be, there shall be, subject to such limitations as may be included in regulations of the Secretary or in such a

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